Business

Toyota & Uber working together

Uber to receive indisclosed investment from Toyota and drivers will receive financing.

by Minh Tuyet

Toyota Motor Corporation and Uber signed a memorandum of understanding in Tokyo on May 25 to explore collaboration and begin trials in the expanding world of ridesharing.

As part of the cooperation, Toyota Financial Services Corporation and Mirai Creation Investment Limited Partnership are making a strategic investment in Uber.

The companies will create new leasing options in which car purchasers can lease vehicles from Toyota Financial Services and cover their payments through earnings generated as Uber drivers. The leasing period will be flexible and based on driver needs. This initiative builds upon Uber’s current Vehicle Solutions program.

“Ridesharing has huge potential in terms of shaping the future of mobility,” said Mr. Shigeki Tomoyama, Senior Managing Officer of Toyota Motor Corporation and President of Connected Company, one of Toyota Motor Corporation’s recently created in-house companies. “Through this collaboration with Uber we would like to explore new ways of delivering secure, convenient and attractive mobility services to customers.”

Mr. Emil Michael, Chief Business Officer at Uber, was also pleased with Toyota, the largest automobile manufacturer in the world, making a strategic investment in Uber as part of a broader global partnership.

“Toyota vehicles are among the most popular on the Uber platform worldwide and we look forward to collaborating with Toyota in multiple ways going forward, starting with the expansion of our vehicle financing efforts,” Mr. Michael said.

Toyota and Uber will also explore collaboration in a variety of other areas, such as developing in-car apps that support Uber drivers, sharing knowledge and accelerating their respective research efforts, and establishing a special fleet program to sell Toyota and Lexus vehicles to Uber.

In Vietnam, Uber has also cooperated with Maritime Bank to offer promotions for owners of Maritime Bank MasterCards from May 23 to May 29. In particular, from May 25 to May 27 Uber passengers will receive a discount of 30 per cent on their trips.